If you’re reading this is because you already know you need an accountant for cryptocurrency. Is not a matter of when but who.
Let’s dive in:
- Common Challenges
- What Your Accountant Needs from you
- Key Aspects for Choosing a Crypto Accounting Firm
- Questions to ask before hiring a crypto accountant:
- Crypto Accounting Companies Comparison
- Full List of Crypto Accounting Firms:
- FAQs in Crypto Accounting:
In an era of digital transformation, cryptocurrency and crypto assets have gained immense prominence as an alternative asset class and method of conducting business transactions.
As traditional businesses increasingly integrate cryptocurrencies into their financial operations, they encounter a myriad of complexities, challenges, and regulatory obligations that demand meticulous attention. For CEOs, founders, and financial professionals, one pressing question emerges:
How can they successfully navigate digital asset accounting effectively?
Most of the time, the answer often lies in partnering with a reputable crypto accounting firm. These specialized firms offer a wealth of expertise and experience in addressing the unique pain points that business leaders face in managing their crypto assets and blockchain transactions.
From complex tax implications and regulatory compliance to monthly bookkeeping, audit-readiness, fractional CFO services, and fund administration, crypto accounting firms are well-equipped to guide businesses through this growing crypto back-office landscape.
So, the main doubt of web3 Founders and CFO is, who is the best firm for our specific finance needs?
In this article, we’ll explore key considerations for selecting the right crypto accounting firm, offering an objective overview to guide your decision-making.
Whether you’re a web3 startup or an established business adopting crypto investment for the first time, this resource will help you make informed choices.
Additionally, we’ll provide a detailed comparison table featuring 35 active accounting firms leading in digital assets accounting, serving as a convenient reference for selecting your next partner.
Common Challenges and When You May Need Help:
What are the biggest challenges businesses face when it comes to finding the right accounting service for their crypto holdings?
- Dealing With an Tax Audit:
Crypto accounting firms can assist in navigating IRS audits related to cryptocurrency investments and transactions. It’s worth noting that such audits often involve detailed examination of cost bases for tokens, a topic covered in our video series for those seeking deeper understanding.
- Facing a First-Year Financial Audit:
Businesses entering their initial year of financial audit benefit from crypto accounting expertise to ensure compliance. The importance of this expertise is clearly illustrated in our case study of MELD Blockchain.
As a non-custodial DeFi protocol, MELD faced unique challenges in preparing their financial books for a third-party audit, particularly in accurately documenting cross-chain transactions and handling the complexities surrounding their native token.
- Managing Onchain DeFi Investments:
For companies involved in complex DeFi investments, like managing multiple liquidity pools or staking ETH for NFT bonds, the guidance of crypto-native accountants is invaluable. Gaining a deeper insight into complex DeFi areas can be a pivotal decision.
- High Volume Trading Activity:
For those managing a substantial volume of crypto transactions, specialized assistance is vital, especially with over 1000 monthly transactions.
- Tracking Multiple Wallets/Exchanges:
Crypto accounting firms excel in consolidating records from various wallets and exchanges, simplifying reporting. Finding accurate and reliable data from thousands of connections sources is a major challenge.
- Collapsed Exchange Assistance:
In case your company used to invest with centralized exchanges that went bankrupt in the past, that data can be a gap in your books. Make sure the accounting firm you are selecting can provide access to collect that historic vital information.
- Tax-strategy vacuum:
To minimize tax liabilities and save time, crypto accounting firms provide valuable guidance to help you save money with a reporting strategy that is smart and compliant.
What Your Crypto Accountant Needs:
A competent crypto accountant requires a comprehensive record of your crypto activity. While crypto transactions are publicly accessible, the complexity arises when consolidating trades from numerous wallets across various blockchains, especially if you engage in professional trading or hold digital assets on centralized exchanges, custodians, or use DeFi platforms.
Depending on the complexity of your crypto activities, you may need to provide additional details, such as staking or mining, as well as other professional crypto activities. Keeping thorough records of transactions, gains, losses, and related expenses is essential for professional or business traders.
This is why virtually all crypto accountants rely on one or more crypto accounting software solutions, commonly referred to as Crypto Subledger.
Key Considerations for Choosing a Crypto Accounting Firm:
When choosing a crypto accounting firm, consider their expertise in the field. A firm with a solid grasp of the latest cryptocurrency regulations is crucial. This ensures your business stays compliant and mitigates risks associated with digital currency transactions.
When evaluating a crypto accounting firm, financial professionals should consider the following key factors:
Assess the cost structure and fee transparency of the crypto accounting services. Different accounting firms cater best to market segments. If you are an early stage startup look for accountants with experience in SMB. As your company grows, so does its revenue and transaction complexities. In that case, selecting a Mid-market accounting firm will fit better.
Crypto Accounting Services:
Determine the range and depth of crypto accounting services offered by the firm. Some accountants are crypto native and know most of the protocols out there, or can understand the call data from block explorers. Others are better suited to offer a more holistic approach, as outsourced CFOs, giving attention to budgeting, tokenomics and investments. If you’re looking for a firm to help you prepare for an audit, be sure to ask which other audit-readiness clients they had in the past.
Communication and Responsiveness:
Evaluate the firm’s communication practices and responsiveness to client inquiries and needs. Sometimes you don’t want to spend more time explaining to the bookkeeper about what the transactions meant, but a minimum time requirement you should expect. Trust and two-way communication is always the best way to liaise with third parties.
Location of Offices:
Consider the geographical location of the firm’s offices, which may impact accessibility and communication.Also their federal, or state tax knowledge can be an important factor when selecting an accounting firm.
Technology Tools Used in Crypto Accounting
Leading crypto accounting firms utilize advanced software and tools to manage digital assets efficiently. These technologies aid in accurate AR/AP processes, record-keeping, reporting, and compliance, making them indispensable in today’s crypto accounting landscape.
Recommendations and Referrals:
Seek recommendations and referrals from trusted sources to gauge the firm’s reputation. If you don’t know yet, you can join Crypto Accountants communities and ask there as well. To mention a few you can join for free the Crypto Finance Hub for web3 accountants, CryptoCFOs and Web3 CFO Club.
Testimonials and Online Reviews:
Although there is not yet a bullet-proof list of a ranking of accounting firms with real reviews, you can run a quick search into their website, select a few of the clients they publish they’re working with and write a quick linkedin message to one of their customers. That can help you gain insights into the firm’s real track record.
Security and Privacy Compliance:
Ensure that the firm adheres to stringent security and privacy standards to protect your sensitive financial data.
Questions to ask before hiring a crypto accountant:
To ascertain the qualifications of a crypto accounting firm, consider posing the following questions before making your selection:
- How familiar are you with cryptocurrency and [insert here the most complex trade you’ve performed] ?
- What does your process look like and how much time will it take from me ?
- Can you calculate my data from multiple exchanges, DeFi + NFT [and insert here all the chains where you are holding, mining, staking or trading] ?
- Will you provide the new regulatory framework from US GAAP or IFRS, and explain how they affect my taxes differently?
- I don’t have all of my trade data. What can I do to still file accurately and on time?
Selecting the right crypto accounting firm is a pivotal decision that can significantly impact your business’s financial management and compliance. By carefully evaluating your options and considering the factors outlined above, you can make an informed choice that aligns with your specific crypto accounting needs.
For those in search of the best crypto accounting solutions, we’ve meticulously crafted a comparison table titled ‘Best Crypto Accounting Firms.’
This spreadsheet features a comprehensive analysis of 35 leading crypto accounting firms, specifically tailored to meet the diverse needs of businesses across various scales and industries.
The file segments these firms into three distinct categories for targeted research:
1. ‘Best Crypto Accounting Firms for SMB and Startups‘ – Ideal for emerging businesses navigating the complexities of crypto transactions.
2. ‘Best Crypto Accounting Firms for SME and Mid-market Companies‘ – Catering to the evolving needs of growing businesses with expanding financial operations.
3. ‘Best Crypto Accounting Firms for Enterprise and Large Companies‘ – Focused on offering robust solutions for large-scale enterprises with extensive crypto accounting demands.
Each firm is compared based on key services such as Pricing, Bookkeeping, Tax Preparation, and more. This clear, straightforward tool is a valuable asset for CEOs and COOs, from startups to large enterprises, to commence their crypto accounting partner research.
Full List of Crypto Accounting Firms:
Here are the 35 accounting firms you provided, organized in alphabetical order:
- Berkowitz Pollack Brant
- BDO USA
- The Catalyst Group
- Camuso CPAs
- CFO Consulting Partners
- Convoy Finance
- Crowe BGK
- CryptEdge Consulting
- Crypto Accounting Group (CAG)
- Darien Advisors
- Escalon Services
- Fireside CFO & Bookkeeping
- Finsuite Consulting
- Graphite Financial
- Grant Thornton
- Harris & Trotter
- Hash Basis
- Kranz Consulting
- Manning Elliott
- Morse Tax
- OnChain Accounting
- Polygon Advisory Group
- Propeller Industries
- R3gen Finance
- Twenty Eighty
Founded in 2004, Acuity is a full-service financial firm offering a range of services from bookkeeping to financial strategy. It evolved enhancing its ecommerce accounting expertise. Committed to social and environmental responsibility, Acuity is a Certified B Corporation..
Main Partner: Kenji Kuramoto, Matthew May
Learn more on their website: https://acuity.co/
AquiferCFO has become a recognized player in financial advisory. They focus on crafting customized financial solutions for diverse clients, emphasizing the simplification of complex situations. Their approach includes providing financial expertise and a commitment to hands-on service, aiming to be more involved than traditional CFOs..
Main Partner: Rich Zhou
Learn more on their website: https://aquifercfo.com/
Jordan Bass, founder of Bass Law and Taxing Cryptocurrency, is both a CPA and tax lawyer with extensive expertise in crypto tax and accounting. With experience at Ernst & Young and education from USC, Southwestern Law School, and NYU, he specializes in cryptocurrency and blockchain, offering in-depth guidance on tax law and accounting implications in the digital asset space..
Main Partner: Jordan Bass
Learn more on their website: https://www.basslaw.io/
Berkowitz Pollack Brant
Founded in 1980, Berkowitz Pollack Brant (BPB) is a major South Florida accounting firm with over 400 professionals. Recognized among the top 100 U.S. firms, BPB excels in interdisciplinary teams of CPAs, finance, tax, audit, IT, and planning experts.
Main Partner: Joseph L. Saka
Learn more on their website: https://www.bpbcpa.com/
BDO USA LLP
BDO Alliance USA is among the industry’s largest associations of accounting and professional service firms. With more than 800 independent Alliance firm locations, the Alliance represents nearly every state and includes a comprehensive range of services.
Learn more on their website: https://www.bdo.com/
The Catalyst Group is an innovative, tech-focused financial services firm delivering independent fund administration, financial accounting, and corporate & fund services to a range of clients that include Hedge Funds, Private Equity Funds, Venture Capital Funds, Real Estate Funds, Crypto Funds, Family Offices, Corporates and Ultra-High-Net-Worth Individuals.
Catalyst is a values-driven company with a clear mission to create a spark in a one-dimensional industry, by harnessing state of the art technology and automation to build efficient, scalable products that are supported by a world-class client experience team.
Catalyst’s team of more than 100 people is based across 5 jurisdictions servicing a client portfolio of more than 480 funds and combined AUA of more than USD$12.8Bn.
Main Partner: Benjamin Reid | Benjamin.firstname.lastname@example.org
Learn more on their website: https://thecatalystgroup.com/
Camuso CPAs is a specialized firm focused exclusively on digital asset investors and digital businesses. Established in 2016, they offer tailored tax planning, accounting, and advisory services, particularly.in digital asset accounting & tax, offer tailored solutions for investors and businesses.
Main Partner: Patrick Camuso
Learn more on their website: CamusoCPA.com
CFO Consulting Partners
CFO Consulting Partners, founded by David DeMuth and Allan Tepper in 2006, with Eric Segal Joining in 2012, offers diverse CFO services nationwide. Their experienced team, with Big Four and Fortune 500 backgrounds, specializes in financial management, budgeting, forecasting, financial modeling, ] M&A, SEC reporting, and strategic planning
Learn more on their website: https://cfoconsultingpartners.com/
Founded in 2019 in Slovakia, Cleverkin offers personalized accounting and administration services. With 30 years of combined experience in accounting, financial reporting, and management, they handle complex accounting needs for diverse clients.
Learn more on their website: https://www.cleverkin.one/
Convoy Finance, founded to address financial challenges in fast-growing web3 startups, offers comprehensive financial services. They focus on building strong finance foundations that evolve with companies.
Learn more on their website: https://www.convoyfinance.com/
Founded in 1950, Crowe BGK LLP is a prominent Canadian accounting and advisory firm, offering audit, tax, and advisory services across various sectors. With over 200 professionals in Montreal and Ottawa, they specialize in industries like real estate, manufacturing, healthcare, technology, and financial services, providing expert guidance to individuals and private companies.
Main Partner: Eric Svoboda
Learn more on their website: https://www.crowe.com/ca/crowebgk
CryptEdge Consulting, LLC
Cryptedge Consulting, LLC is a firm specializing in financial services advisor.. With expertise in blockchain and a background in Big4 accounting, they offer strategic solutions in financial operations, auditing, risk management, and regulatory compliance. Their multidisciplinary team serves various clients.
Main Partner: Michael O’Grady
Learn more on their website: https://www.cryptedge.net/
Crypto Accounting Group (CAG)
Crypto Accounting Group offers specialized bookkeeping and accounting services with expertise in QBO, XERO, NetSuite. Their team consists of experienced CPAs, Chartered Accountants, and advisors with MBAs, including those with CEO/CFO experience, all knowledgeable in cryptocurrency..
Learn more on their website: https://cag.xyz/
Darien Advisors specializes in accounting services for the crypto sector, including DeFi, Web3, NFTs, and P2E gaming. Their team is equipped to handle complex crypto-related activities such as staking, mining, and liquidity pools.
Learn more on their website: https://www.darienadvisors.io/
ElectraFi is focused on integrating crypto into financial practices, aiming to make comprehensive crypto accounting a norm. With 15 years of innovation, ElectraFi uniquely working with accountants whose clients are entering the crypto web3 space.
Main Partner: Electra Frost
Learn more on their website: https://electrafi.finance/
Founded by entrepreneurs with corporate experience, Escalon provides Essential Business Solutions in over 40 countries. Their services include FinOps, PeopleOps, and Risk. The company has expanded by acquiring Early Growth and Full Stack Finance, aiming to streamline back-office operations for businesses.
Learn more on their website: https://escalon.services/
Finloo specializes in providing financial solutions tailored for IT ventures, emphasizing trust, reliability, and long-term relationships. Their team, with expertise in the IT industry, offers confidential, secure, and efficient services.
Main Partner: Roksolana Luchanko
Learn more on their website: https://finloocrypto.io/
Fireside CFO & Bookkeeping
Fireside CFO & Bookkeeping offers comprehensive bookkeeping services, ranging from basic compliance for tax preparation to profit-minded bookkeeping with KPI utilization for financial decision-making. They tailor their services to each client’s specific needs and goals, providing custom quotes based on business requirements.
Main Partner: Judah Kosky
Learn more on their website: https://www.firesidebookkeeping.com/
Finsuite Consulting, focuses on transparent pricing, honest communication, and quality service. The firm employs a fixed fee pricing model for clients and advocates for equal pay. They prioritize continuous learning and work-life balance to maintain a high standard of service and team wellbeing..
Main Partner: Amber Welch and Stacey Ferris
Learn more on their website: https://www.finsuiteconsulting.co/
FORVIS, ranked top 10 U.S. public accounting firm, offers assurance, tax, and advisory services. Formed from BKD and DHG merger, it has 5,700 professionals in all 50 states and globally, focusing on unmatched client experiences and forward vision
Main Partner: Nik Fahrer
Learn more on their website: https://www.forvis.com/
Graphite provides strategic finance & tax support for technology and web3 startups at various stages and sizes. Their services include bookkeeping, financial modeling, CFO, tax compliance and filings, and more. They start with many of their clients from seed stage and help them scale through exit.
Learn more on their website: https://graphitefinancial.com/
Grant Thornton Singapore
Grant Thornton Singapore, with 19 partners, excels in audit, tax, and advisory services, focusing on international clients, 90% of which are global businesses. Leveraging local insights and global expertise from 68,000 professionals in over 140 markets, they aim to help clients achieve their ambitions with high-quality, comprehensive services.
Main Partner: Chetan Hans
Learn more on their website: Grant Thornton Singapore
Harris & Trotter
Harris & Trotter LLP, London’s tech-focused 80+ year-old accounting firm, leads in digital assets services for top crypto entities. Chainlink-powered Proof of Reserve ensures transparent reserves, enhancing financial credibility.
Main Partner: Nicholas Newman
Learn more on their website: Harris & Trotter LLP (harrisandtrotter.co.uk)
Hash Basis is dedicated to pioneering the future of crypto accounting with a focus on web3 and blockchain expertise. They emphasize thoughtful engagement, a strong ethical foundation, and a research-first approach. Their commitment to exceptional work and customer service aims to distinguish them in the industry.
Main Partner: Mackenzie Patel
Learn more on their website: https://www.hashbasis.xyz/
Kranz Consulting, with 30 years of experience and over 300 consultants nationwide, specializes in outsourced accounting, including crypto and digital assets, technical accounting, NetSuite consulting, venture fund administration, etc supporting entrepreneurs in high-growth businesses.
Main Partner: Anna Masker
Learn more on their website: https://kranz.consulting/
Manning Elliott LLP
Manning Elliott, established in 1952, is a CPA firm in British Columbia, Canada, with over 200 CPAs and advisors. They offer personalized accounting and advisory services in seven areas: Tax, Private/Public Companies, NPOs, Business Advisory, Valuations, and Specialty, catering to local and international clients, including those in the U.S., China, Japan, and Latin America.
Learn more on their website: https://manningelliott.com/
MetaCounts, based in Vancouver, specializes in crypto compliance and accounting, combining technology with a human touch. Leveraging expertise from other accounting areas, they serve investors, family offices, and venture capitalists. Founded by a Big Four firm veteran, they offer specialized services and co-invest in the crypto space, backed by top crypto entrepreneurs.
Main Partner: Nitin Ashok
Learn more on their website: https://www.metacounts.co/
Since 1991, this firm offers comprehensive accounting services, including tax planning and preparation, financial statement audits. They specialize in Bitcoin and business consultancy, with a focus on tax minimization strategies,,
Main Partner: Dexter Morse
Learn more on their website: https://www.morsetax.com/
Myna, emerging from Nephos, specializes in crypto and NFT advisory, helping businesses and private investors. They focus on making NFT investment accessible, offering services in forensics, data retrieval, asset valuation, and support in tax investigations specific to crypto.
Learn more on their website: https://www.mynaaccountants.co/
Onchain Accounting, established in 2015 and based in New York City, is a leading U.S. crypto accounting firm with a global client base. The firm boasts a team of experienced crypto professionals and CPA’s, specializing in mining, DeFi applications, and blockchain. They cater to a diverse range of clients, from individual traders to large enterprises.
Main partner: David Zareh
Learn more on their website: https://onchainaccounting.com/
Polygon Advisory Group
Founded n 2018, The firm focuses on tax and accounting services, emphasizing a client-centric and team-oriented approach. The team, experienced in various tax and accounting challenges, is committed to providing professional services to their clients.
Main Partner: Sharon Yip and Phil Gaudiano
Learn more on their website: https://www.polygonadvisory.com/
Propeller Industries, specializing in financial services for venture-stage businesses, combines advanced technology and 15 years of startup experience. Known for working with high-performing companies and top investors, they have contributed to building over $50B in enterprise value.
Main Partner: Samuel A. Leichman
Learn more on their website: https://www.propellerindustries.com/
PwC, a global leader in professional services, operates in 151 countries with over 364,000 employees. Renowned for quality assurance, tax, and advisory services, PwC served 87% of Global Fortune 500 companies in FY23. In the same year, they reported gross revenues of $53.1 billion.
Learn more on their website: https://www.pwc.com/gx/en.html
R3gen Finance are a crypto native finance team for hire committed to helping web3 leaders focus by taking care of their finances. They emphasize their deep experience in the crypto sector and broad service offering beyond traditional accounting services.
Learn more on their website: https://www.r3gen.finance/
Soroban’s team of seasoned professionals, including CPAs and certified specialists in anti-money laundering and cryptoasset anti-financial crime, provides specialized services in fund administration. They offer crypto fund setup, accounting, compliance, regulatory reporting, financial statement preparation, independent directorship, and qualified anti-money laundering officers..
Learn more on their website: https://sorobanfs.com/
Twenty Eighty is committed to providing innovative accounting services, emphasizing proactive and creative approaches for founders, entrepreneurs, and professionals. Their focus lies in enhancing small business accounting practices, driven by a belief in continuous improvement and positive impact in the accounting field..
Main Partner: Kelvin Gieck
Learn more on their website: https://www.twentyeighty.co/
FAQs in Crypto Accounting:
What is crypto accounting?
Crypto accounting involves the process of tracking and managing the transactions, investments, and taxation of cryptocurrencies and other digital assets. It differs from traditional accounting due to the complexity of data collection, transaction recognition and the unique nature of digital assets finance operations.
What are crypto accounting firms?
A crypto accountant is a certified accountant in your country who specializes in crypto assets. Accountants can specialize in crypto and help you with the entire process of crypto taxes, from tracking your trades to determining your gains/losses, and generating the financial reports necessary to file your statements and taxes.
What is Crypto Accounting Software?
Crypto accounting software is a specialized tool designed to automate and manage the accounting processes for digital asset transactions. It helps in consolidating trades from multiple wallets and across blockchains, calculating gains and losses, syncing to your general ledger, and ensuring compliance with tax regulations.
What Makes a Crypto Accounting Firm the Best Choice for Businesses?
A top crypto accounting firm offers deep expertise in cryptocurrency regulations and accounting practices, ensuring that a business remains compliant and efficient in managing its crypto assets. Their specialized service must fit the business needs and solve industry complexities.
How Does a Specialized Crypto Accounting Firm Handle Tax Implications?
Such firms are adept at navigating complex tax regulations specific to crypto transactions. They assist in accurate reporting, identifying tax-saving opportunities, and ensuring compliance with IRS guidelines and other regulatory bodies.
Can a Crypto Accounting Firm Integrate with Traditional Accounting Systems?
Yes, many crypto accounting firms are expert users of crypto accounting software which integrate their on-chain financial data with traditional accounting systems like Xero, Quickbooks, Netsuite and other ERPs. This integration allows for a seamless transition and management of both crypto and traditional financial assets within a single accounting framework.
What are the Security Measures Taken by Top Crypto Accounting Firms?
Top firms adhere to stringent security and privacy standards to protect sensitive financial data. This includes using secure software, and compliance with industry-standard data protection regulations.
How Can a Business Evaluate and Choose the Right Crypto Accounting Firm?
Businesses should evaluate firms based on their expertise in crypto accounting, range of services, communication, technology tools used, pricing, reputation (through testimonials and referrals), and adherence to security and privacy standards.
What Future Trends in Crypto Accounting Should Businesses be Aware of?
Businesses should stay informed about evolving blockchain technologies, changes in crypto tax laws and accounting standards, advancements in crypto accounting software, and the increasing integration of AI and machine learning in crypto accounting practices.
The best crypto accounting software: Cryptoworth
The best crypto accounting solution in the market is Cryptoworth. Our Award-winning solution has saved days of bookkeeping by streamlining accounting in the digital asset space since 2017.
You can import your customer’s wallets and portfolio in simple clicks. This crypto subledger tracks your gains/losses, generates financial reports according to your preferred accounting method, and syncs all of that straight to your general ledger.
Cryptoworth is your one-stop solution to navigate crypto accounting, whether you’re doing bookkeeping in-house or trusting an experience accounting firm to do it for your business:
- Over 1000 connection sources
- Automatic classification rules
- Account receivables, Account Payables
- SAFTs tracking
- Award winning customer support